Leading digital business transformation

Vietnam’s digital economy is expected to reach $43 billion by 2025, according to the e-Conomy Southeast Asia report from Google, Temasek and new partner Bain & Company. A customer uses smart phone to scan code on a product Nguyen Quang Dong, Director of the Institute for Policy Research and Communication Development, said digital service industry is recording the fastest growth and is suitable with Vietnam’s strengths such as a young population who love technology and social networks. Digital technology and the digital economy will be key drivers helping Vietnam increase workplace productivity, escape the “middle-income trap”, and realise the objective of becoming a middle-class developed economy by 2040, Dong said. Vietnam’s internet infrastructure and digital payment services remain limited, however, while the country still lacks a legal framework for digital assets, he said, stressing that the legal model of the 20th century no longer suits the digital economy. Dong also underlined the need to promote international cooperation, especially in joining the building of new regulations and their enforcement through legal frameworks for the region. A study by the Institute for Global Leadership under the US-based Tufts University revealed that Vietnam ranks 48th out of 60 countries and territories globally in terms of rapidly switching to a digital economy, and 22nd in digitisation development. In the last five years, with the boom of smartphones, the internet, and social networks, digital technology and digital transformation have developed rapidly in Vietnam, shaping a fledgling, dynamic digital economy with great potential. Vietnam’s digital economy is made up of four main groups: e-commerce, online tourism, digital communications, and logistics technology. The country, together with Indonesia, holds the lead in digital economy growth in Southeast Asia. The two pacesetters are both posting growth in excess of 40 percent a …

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Pham Hong Quat, director general, NATEC and Leon Cai, regional director (Ho Chi Minh City), Enterprise Singapore The Vietnamese agency (NATEC) and Enterprise Singapore (ESG) have renewed their cooperation for another two years. What will be the focuses in the next stage? How will it benefit the innovation landscape for Singapore and Vietnam? Pham Hong Quat: Singapore is considered to be the hub of innovation as well as a “paradise” for startups, with startup-friendly policies including subsidies and a range of incubation schemes. With its advanced IT infrastructure, strong government support, intellectual property laws, and deep tech talent pools, Singapore has become a world-leading technology innovation centre. Thus, the cooperation between NATEC and ESG will provide an open space for best practices and know-how sharing, particularly on the crafting and execution of startup and innovation supporting policies, as well as building and operating startup hubs. Through market access programmes and joint events, Vietnamese startups will have a chance to experience and benefit from peer-to-peer learning with their counterparts. Operating in the world’s leading and most vibrant ecosystem, Singaporean startup founders and teams have admirable skills and qualities, for example, creative thinking; entrepreneurship and management skills; fundraising and management; as well as research and development (R&D). Moreover, there will be a high chance that our startups can find great partners or clients in a new market. One of the biggest concerns for Vietnamese startups might be how to get funding from venture capital funds or angel investors and how to manage them wisely, especially during the crisis. Thus, what they need to focus on is acquiring valuable know-how and skills from their counterparts and taking any opportunity to interact and learn from experienced investors and mentors. Leon Cai: The renewed MoU will build on existing partnerships between …

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Pharmaceutical sector riding high on back of pandemic. Source: freepik.com Swiss pharma giant Novartis delivered a solid performance in 2020 across strategic priorities. Net sales reached over $48 billion in the fiscal year, up 2.5 per cent on-year. Its core net income hit $13.15 billion, up 8.67 per cent. Novartis CEO Vas Narasimhan said, “Operationally, we grew sales and continued to improve core operating margins for innovative medicines. We advanced our next wave of medicines, achieving a number of new approvals highlighted by Kesimpta in the US, and Leqvio and Zolgensma in the EU, and progressed our broad and deep mid-stage pipeline of first-in-class medicines.” Last year Novartis continued to focus on its status as a leading medicines company powered by advanced therapy platforms and data science. It also continued to advance transformative innovation for patients, including treatments for hyperlipidemia and multiple sclerosis. Coronavirus-related lockdowns in several areas negatively impacted particular therapeutic areas such as ophthalmology, dermatology, and the Sandoz retail business. However, the group’s operations remain stable and cash collections continue according to normal trade terms, with daily sales outstanding at normal levels. Operationally, solid sales growth, improved gross margins, and productivity including lower spending drove double-digit growth in core operating income. The innovative medicines segment core margin increased by 2.2 percentage points to 35 per cent of sales, and Novartis expects this margin to improve in the midterm. Meanwhile, French multinational pharma company Sanofi saw sales increase 3.3 per cent to just over €36 billion ($43.78 billion) in full-year performance, driven by Dupixent and vaccines. Business earnings per share (EPS) was €5.86 ($7.13), up 3.9 per cent on a reported basis and 9.2 per cent at constant exchange rates (CER), ahead of the guidance of 7-8 per cent. Sanofi CEO Paul Hudson …

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